The company has successfully strengthened its capital base, growing equity to $1.1 billion while reducing total debt to a negligible $1.5 million as of 2026Q1.
| Total Current Assets | 900.06M | 741.37M | 572.82M | 386.18M | 478.73M | 313.69M | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 149.3M | 0 | 133.75M | 92.15M | 145.53M | 41.23M | -111.31M |
| Total Non-Current Assets | 544.12M | 518.05M | 400.83M | 333.66M | 276.64M | 221.58M | 0 |
| Property, Plant & Equipment | 53.46M | 46.85M | 52.67M | 44.58M | 45.24M | 39.57M | 43.44M |
| Fixed Asset Turnover | 25.45x | 29.11x | 21.65x | 23.35x | 17.64x | 18.99x | 10.42x |
| Goodwill | 61.91M | 0 | 46.82M | 46.82M | 44.3M | 34.42M | 0 |
| Intangible Assets | 169.21M | 269.32M | 153.77M | 147.34M | 126.05M | 110.8M | 0 |
| Long-Term Investments | 96.44M | 30.31M | 31.02M | 35.59M | 16.63M | 11.59M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 1.44B | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M | 414.01M |
| Asset Turnover | 1.14x | 1.08x | 1.17x | 1.45x | 1.06x | 1.40x | 1.09x |
| Asset Growth % | 133.06% | 29.35% | 35.26% | -4.7% | 41.12% | 29.29% | - |
| Total Current Liabilities | 1.51M | 1.51M | 405.22M | 448.94M | 393.31M | 185.78M | 0 |
| Accounts Payable | 0 | 0 | 165.45M | 141.72M | 114.34M | 5.64M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 1.51M | 1.51M | 4.77M | 112.24M | 32M | 15M | 14.58M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - |
| Other Current Liabilities | -10.4M | 0 | 24.13M | 37.9M | 4.99M | 11.57M | -14.58M |
| Current Ratio | 595.67x | 491.63x | 1.41x | 0.86x | 1.22x | 1.69x | - |
| Quick Ratio | 595.67x | 491.63x | 1.41x | 0.86x | 1.22x | 1.69x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 377.11M | 376.9M | 200.81M | 107.12M | 362.17M | 463.04M | 0 |
| Long-Term Debt | 0 | 0 | 32.27M | 6.18M | 115.5M | 149.08M | 86.24M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 378.62M | 378.41M | 606.03M | 556.06M | 755.48M | 648.82M | 475.6M |
| Total Debt | 1.51M | 1.51M | 43.81M | 123.04M | 151.91M | 166.67M | 103.41M |
| Net Debt | -642.39M | -508.22M | -106.53M | 63.74M | 25.46M | 5.77M | 46.17M |
| Debt / Equity | 0.00x | 0.00x | 0.12x | 0.75x | - | - | - |
| Debt / EBITDA | 0.01x | 0.02x | 2.13x | 6.77x | 5.93x | 3.72x | - |
| Net Debt / EBITDA | -5.00x | -7.71x | -5.18x | 3.51x | 0.99x | 0.13x | - |
| Interest Coverage | 7.20x | -4.32x | 8.53x | -0.17x | 3.29x | -3.69x | - |
| Total Equity | 1.07B | 881.02M | 367.62M | 163.78M | -107K | -113.54M | -61.59M |
| Equity Growth % | 476% | 139.66% | 124.46% | 153166.36% | 99.91% | -84.36% | - |
| Book Value per Share | 9.76 | 12.62 | 4.63 | 2.06 | -0.00 | -1.43 | -0.78 |
| Total Shareholders' Equity | 1.07B | 881.02M | 367.62M | 164.64M | 272K | -113.39M | -61.59M |
| Common Stock | 95K | 86K | 63K | 57K | 95K | 89K | 84K |
| Retained Earnings | -462.12M | -632.34M | -562.31M | -668.5M | -647.61M | -705.16M | -611.75M |
| Treasury Stock | -14.54M | -8.23M | -775K | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.36M | -641K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -861K | -379K | -151K | 0 |
Negative Retained Earnings Accumulation
As reported in recent financial statements, MIAX has significantly bolstered its equity position from $164.6 million in 2023Q4 to $1.1 billion by 2026Q1, a trend that suggests the company is successfully transitioning from a capital-constrained startup phase toward a more stable, well-capitalized exchange operator.
The rapid expansion of the equity base appears to be the primary driver of the company's improved balance sheet trajectory. Investors should monitor whether this capital accumulation is being deployed effectively to generate sustainable returns, as the company continues to navigate the high costs associated with its multi-license regulatory strategy.
Based on the company's quarterly filings, MIAX has aggressively reduced its total debt from a peak of $123.0 million in 2023Q4 to a negligible $1.5 million by 2026Q1, indicating a shift toward a debt-free capital structure that minimizes interest expense volatility.
The near-total elimination of debt suggests that management is prioritizing financial independence to weather potential market downturns. This move appears to reduce refinancing risk significantly, though it warrants further investigation into whether the company is utilizing equity dilution to fund its ongoing operational and infrastructure requirements.
According to the latest balance sheet data, MIAX has increased its cash position to $643.9 million in 2026Q1, resulting in a current ratio of 595.67, which provides a substantial liquidity buffer against the inherent volatility of transaction-based revenue streams and clearinghouse settlement cycles.
The dramatic improvement in the current ratio suggests that the company is well-positioned to meet its short-term obligations without relying on external financing. This liquidity profile appears to be a strategic necessity given the company's reliance on market maker rebates and the cyclical nature of its options trading business.
As indicated by the company's reported figures, retained earnings remain deeply negative at -$462.1 million in 2026Q1, a persistent trend that highlights the cumulative impact of historical losses incurred while building out the company's multi-license exchange infrastructure and competitive market position.
The negative retained earnings balance suggests that the company has yet to achieve the scale necessary to offset its historical development costs. Investors should monitor whether the recent growth in total equity is sufficient to eventually turn this deficit positive, as the current structure remains heavily reliant on external capital injections.
Quick answers to the most common questions about buying MIAX stock.
As of 2025, Miami International Holdings, Inc. (MIAX) had total assets of $1.26B including $741.4M in current assets.
Miami International Holdings, Inc. (MIAX) carries total debt of $1.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Miami International Holdings, Inc. (MIAX) has total shareholders' equity (book value) of $881.0M ($12.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Miami International Holdings, Inc. (MIAX) reported a current ratio of 491.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.